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tv   Fast Money Halftime Report  CNBC  March 1, 2012 12:00pm-1:00pm EST

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1.4% to the minus side. ended up coming in with a 4% gain and j.c. penny losing some ground. they might be losing some business to target, which had fantastic february numbers. see you tomorrow. right now, it's scott wapner and the "fast money halftime report." >> thanks so much. four hours now to go until the close and here's where we stand on the street. take a look. green across the board. the dow industrials good for almost 50 points. s&p, two-thirds of one percent gain for the nasdaq. the best rally in 14 years is in the books. welcome to march. oil and gold, both higher. the top stories we're trading today. retail belowout from gap to nordstrom. strong sales show the american consumer is alive and well. more blackberry blues. rim sliding again. a rebirth for micro soft and the pc. dan niles speaks out. forget apple 550.
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and gold in qe free world. what do now? let's get right to it and start with the consumer roaring back. stephany, welcome to the program. you manage jim cramer's chartable trust. what great retail numbers today. >> i think a lot of it was easy comparisons and warm weather. to this particular month, so it will be interesting to see if we can see this next month, but very encouraging. >> 82% of retailers beat expectations. target was expected to be strong. it was. macy's was expected to be strong, it was. >> yeah, and we bring up a name all the time, tjx actually blew it out as well. 9% better than expected. you can credit weather, whatever you would like to. but when you look at these retail numbers, we talk about the price of oil, these energy prices and how it's affecting the consumer.
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we know one thing and we've learned this from the past. when you get to $4 gasoline, forget the price of oil, that's when it becomes a problem. we haven't hit those levels yet. people are out there spending and obviously, the weather did help. >> you looking at specific names today? >> i still find them r very attractive. i look at the buckle and tjx. both up 9% on same store sales. the difference now that i'm finding, the buckle, the street doesn't believe in this name. it's about a 30 plus percent short, opposed to tjx, i think tjx can go higher. >> steve weis, what are you doing op the market as it related to retail? >> it put it on j.c. penny. the stock is values, sam valuation as macy's. it's a pair trade.
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i also shorted kohl's. and i bought nordstrom. nordstrom and macy's were both down on the print. great sales numbers. maybe expectation in macy's. >> grasso, you're on the floor today. that's giving some surge to the market. little bit any way. what are you doik? >> put it this way. as long as we stay above that 1370 level in the s&p, you could pr pretty much get a chimp to throw a dart and a dart board to buy anything because this market's going above 1400. it's almost that easy. >> right to brian tunic, on the fast line today. a specialty retail analyst at jpmorgan. were you as surprised at how strong the retail numbers were? >> definitely. i think we were trying to figure out the warm weather. the snowstorm in the northeast, so we had a pretty easy comparison there and again, we've been seeing the employment
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numbers and consumer confidence numbers whether that's trailing or lagging, we'll see. but it certainly seemed like the warm weather probably pulled 2 to 300 basis points out of march. >> there's no question there. the gap division has lost 25% of its sales over the past five years. they've given market share way i to almost every retailer you can think of. they lost a lot of productivity and there seems to be a bit of a buzz there. they haven't put up three months in a row of positive comments. with the stock trading at 14 times, they're going to have to do it this year. >> nordstrom obviously i said earlier was strong. you had meetings with coach in atlanta last week. what's the take away from the high-end? >> i think that the handbag and accessory business is booming. growing 5 to 10%. people are shopping. i think a lot of optimism there.
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the wall street hangover, especially here in the northeast, has been hurting tiffany. probably a couple of other people that are dependent on how wall street thinks, but coach, much more mainstream and i think the handbag and accessory market. very, very strong right now. >> brian, good to talk to you today. i'm going to let you run. >> thanks very much. >> stephanie, when you kick around the high-end retail, there was a time not na long ago when tiffany's sort of spooked the market, right? that became more of a tiffany's story. what's your take on the high-end retail names? >> so, i kind of like vf corp. a lot and ralph lauren. i think the apparel manufactured have good distribution and a good global growth. i think it's hit or miss with nordstrom depending again we'll see about the weather situation. i come back to my favorite, the
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up retail group. the good weather and bad weather. >> i thought i should take some off. >> the stocks had one hell of a run. >> we would be buyer, we like it long-term. what they're doing in canada and europe. special situations. >> hit on j.c. penny. herb greenberg has been foe lowing the story. i guess you have to assume or maybe we're making a leap to think that the gains are to the pain of j.c. penney. look at macy's, some of the others that have been adding sales other than kohl's. when you talk to people on the street, i talked to jan, he says obviously, pen ney's, he thinks
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sales down around 11%. we don't know that because smartly, they have stopped disclosing monthly sales data. >> the that really smart? >> yes. you're in the middle of the turn around, scott, why in the world would you want to let people see you making the sausage in this case. it isn't going to be monthly, quarterly. it's going to be yearly until you know the results. >> didn't you say they were going to be one of the best performing stocks this year? >> wait a minute, don't put words in my mouth. i'm asking you merely a question. did you not say that or what? >> what i said when this stock was around $33 a share, i protected it would be one of the hottest retail names this year because there's going to be a turn around occurring at that point. the stock has become a really rehot retail name. >> yes, you said it was going to be one of the hottest names this
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year, but maybe it's going to be -- you know, i think that the hotness of the stock is going to behind. here's why. it takes a long time for a retailer to turn around. first of all, they have to improve the shopping experience. the easiest thing to do, they've done already. they change the pricing to one price. we've seen that work. we've seen it not work certain places. they brought in a new spokesperson, ellen. great for that. turns it into new merchandise on the shelves. that takes a while because you have a long lead time. in terms of putting money, capital spending, into the stores, that takes a while. i don't have to make a determination on whether ron johnson is going to succeed. i think the stock is way ahead of itself, selling at a comparable pe to macy's, which is not disappointing. keeping building on a strong franchise. this is more of a trade. let the stock come down.
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>> just remember this. j.c. penney's best days occurred when -- that's what happens in environments like this. i can understand the trading mentali mentality. as a guy who's watched this stuff for so long from the sort of fundamental perspective, anything's possible. >> what you just said, you said the best year of performance were when macy's were being turned around. >> it's -- which is very possible. the dynamics of this are tremendous and we, you know, look. j.c. penney yesterday or today got rid of someone who had been there and turned it over to another person. a lot of people think that's the good thing, but again, change is going to take time. how many times do i or anybody have to say that? >> i understand that.
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but i think we're just throwing out the question here. nobody doubts ron johnson's skills as a retailer, but maybe some were drinking the kool-aid a little too soon and thinking it tasted like don per on. >> when i made this a prediction for 2012 -- 30s. >> scott, really quick. look at the 50-day moving average. if you're taking a flier out, it goes much lower. i'd rather be a buyer in macy's. >> can you repeat that. . >> take a look at that 50-day moving average. >> we'll catch you later at 2:00. >> it's a massive job. there's a lot we can do on the cross side. my concern is really on the top line side. how are they going to grow sales and particularly, when you've got a very competitive space and kohl's just talked about a new
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pricing initiative so they're going after that business, too. >> a lot of big plans for sure. whether they pan out is the ultimate question. >> j.c. penney is the hewlett-packard of retail. we're not talking about a turn around in a month. we're talkinging about years. >> bit of a reality check perhaps on what the job is ahead. let's hit or call of the day. shares of research in motion getting hammered. peter of jeffrey's cut estimates, lowered his price target. expects research in motion to -- negative fifth quarter. big call obviously in the markets today. what's the crux of it? >> well, we do a survey and don't normally get it until mid march. we talked to carriers and retailers and distributors in europe. results r were so negative especially towards the end of february and couldn't help but say look, they might have to negatively print out.
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if they don't, they've effectively stop the channel, increased inventory, which means the may guy would be a disaster. >> problem is as you see it, they're getting killed not only at a high-end. >> devices that occur, i've gotten -- a lot of people don't see the upgrade, 500, the old c curb. so we're seeing carrier -- >> does research in motion need to realize that perhaps everybody else is bullish on this story? yes, there's going to be a place for rim. yes, there's going to be a place for market share. it's an android r world and research in motion is going to be left by the wayside. >> management has opened up their e-mail, bbm system and
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would like to see -- be relegated. but they're prone and believe firmly that they have to fol who the apple model. but apple's dominating that model. >> as they're getting crushed, what can they possibly do at this point or is it now just a company that people are waiting around if for it to get to a certain level so they can have a takeout ability at a level that's not quite where we are right now? >> the prime minister of canada came out and said they would view any foreign takeover as diplomatic. you have to have a buyer, so most likely have to be a canadian pension plan to do it. and that would be tough. that would probably have to happen at a much lower price. >> i just wrote that -- i disagree with that. i think the canadian pm would say, okay, do i have a company that's going to wither away.
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>> let me jump in. you've dabbled in rim. >> i'm not involved now. show monday rim apparently, a new device. i still like the -- that's feedback you get, but it's the only negative in the iphone. >> you going to buy shares back? >> i'm not buying it back. >> i'm going to put you on the spot. give me an answer. it's good to have you on the show. we'll talk to you again soon. >> thanks for having me. >> is there any story to be told from here forward that's positive? >> no. when i saw the note this morning, it's great research.
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market shares are declining pretty quickly. it's not anything you want to be involved in. >> steer clear completely, she says. >> i occasionally get dragged back in because option activity comes in and you start to buy into the idea that well, maybe somebody is going to take rim out, but unfortunately, i've been wrong on that side of the trade because i bought options at the 15 strike that are almost giving me the point to being worthless. it's worth a shot, but i'm not seeing anything now to excite me. >> end of the day. >> all right. let's get to a viewer tweet. if i think the market goes up from here, should i buy the outperforming tech sector or small caps? >> i like tech. i think that a lot of secular growth stories in tech. we talk about smart phones, but there's cloud. there's data center. there's a lot of powerful stories in tech and i think you can get a couple of them at
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bargain basement prices. >> and we'll have a few more for you. next up, microsoft having its biggest run this year since the release of windows one. dan niles will tell us how to play it next. with all the opinions about stocks out there, how do you know which ones to follow? the equity summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investments. the equity summary score is one more innovative reason serious investors are choosing fidelity.
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welcome back. mike murphy of rose cliff is on the fast line. you're still making trades. what realtime trade you got? >> we bought jci, johnson controls. $32.80. it started to move higher. this is a company we think has a lot of upside. operates in three different business segments and we think there's a will the of opportunity for growth in all three segments. >> why today? >> great question. the stock has recently ben trading up around 35, 36 and they had a quarter that was a little messy. there was concerns about their plant in shanghai and the stocks traded down about 10%, so we saw an opportunity to get in here today at these levels and i think there's going to be a big
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upside here that the stock can trade up into the high 40s. >> good to talk to you. thanks so much. you own jti as well. >> we do. it's not been pretty. >> partly why you got in. >> right. auto parts is 50% of their sales and that's doing quite well. battery is also very, very strong too. it's a late cycled play. so if you believe in the housing recovery, eventually, this part of the business will see better order. that's been a big overhang. >> wouldn't you rather be buying a bwa or dan? that's more of a proven bet. realistically two-thirds autos and a third h back. >> and i like dana very much, but i think that jci, you kind of get, it's not a discounted valuation pretty significantly. because they've got these three businesses and europe exposure,
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but i think the late cycle part of the business is the real gem. if we can see momentum, this stock can be $40. >> just to put a ball in it real quick, the 200 moving day average the right here, around 33.30. sorry, mike. >> it's been a big year for a big tech stock. microsoft shares up 23% and the company suggested upping its share ho shareholder dividend and their windows 8 preview is getting a loft buzz. what's next? can microsoft retain this momentum? our next guest thinks yes. he's on the fast line. dan, welcome back to the "fast money halftime report." it's great to have you. >> great to be on. >> are you surprised at the run that microsoft has had? you're an ownership, you're an owner of the shares, so let's just throw that out there, but even you must be a little surprised at how well the stock's done this year. >> well, yes and no.
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because if you look at microsoft, if you're worried about the market going up, it's got a 2.5% dividend. i'm more confident them paying me back. the stock's been an awful performer over the last -- >> that's an understatement. >> several years. they've got one of the most powerful product cycles coming out and in markets like tablets and smart phones where they've been really bad, looks like with windows phone 8 coming out as well as the metro interface, the touch interface, that they should be able to start to penetrate those markets a little bit. especially with the fact that google bought a competitor in motorola. so a lot of those customers who may have been thinking of using android go you know what? maybe i need to team up with microsoft because at least they're not becoming a competitor.
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>> maybe the reason why microsoft shares may have turned a corner. >> stocks go through phases. microsoft, a decade ago was untouchable. then google, facebook, et cetera, et cetera. microsoft kind of lost their way in my mind. now, you look at it and the beta release they had yesterday looked pretty strong. so i think with looking forward a year from now, they're going to have windows 8 out. server 8, which allows you to run, you can run the same applications you're going on your pcs more or less. biggest problem with my ipad is i can't run excel, big spread sheet. if you have a windows 8 pc or win phone 8 tablet, you should be able to do more things with it. >> with the refresh cycle you're talking about with microsoft --
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doesn't that help hewlett-packard? should we carry that through? >> i think so, but here's the problem, you're going to have a stall in front of that. then the question, are dell and hp the ones that are going to gain share. we haven't talked about my bullish stance on semiconductors or disk drives. here's the problem. this product cycle helps them, but the fact that lpeda went bankrupt, the fact you had floods in thailand, the fact that panel production is getting cut tremendously, there's going to be tremendous cost pressures on the other side for a lot of the hardware oriented companies. >> what's your question? >> full disclosure. i'm an investor in dan's hedge
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fund and happy. talk about what else you liked in the space away from microsoft in terms of the chips? >> micron is a name we like a lot. lpeda, they're about 20% of the entire d ram market and went bankrupt a few days ago. so what's going to happen is this market which has been oversupplied by about 10%, is now going to become undersupplied. micron's trading about one times book. i think they're going to be a beneficiary of that. we also own sandisk. about 24 billion versus 29 billion. a lot of these player like sam sung or micron do both. >> dan, is the biggest risk to micron the 37, 38% rise the stock's had this year? >> the ad book to me is an easy
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shock could go up another 30 to 50%. i don't think lpeda's the last company that's going to go bankrupt in this space. there's a lot of debt to equity ratios that are higher. but you've got a lot of problems in that space and the good news is because countries around the globe are having debt issues. the desire to step up and subsy duz these operations is a lot less than ten years ago when that happened all the time. >> i've got to run, but i've got to get your quick take. you're an owner of netflix as well, correct? >> no, we have an investment on it, but we're not bullish on the name at all. talk to you again soon. let's trade some of these techs. we can start with microsoft. what do you think? >> i understand the story. >> what are they findly not
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being boring. that's the whole thing. that finally, they have a little pizazz maybe. >> that's a big word. i just think at $30, it's priced in a lot of good news, right? it's not a bad story. there's other stocks i'd rather own. amc. double digit earnings. storage. security. they got it all and it's still cheap. >> i still stick with microsoft. this thing can continue to to go higher. give intel a name, dan and i argued about this in may at the salt conference. he didn't like intel. so for those reasons while you don't get the pizazz, and they still trade too cheap. >> stocks were given some pizazz, right? these old tech names are the ones that are performing.
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microsoft has dramatically outperformed google. >> just like dan said, they're yielding on a will the of these names, so people feel they can get exposure to that tech space and sleep at night. >> before we go to the break. take a look at crude. session highs. s&p 500 near highs as well. pushing over 108 and there's the s&p. next on the halftime report, auto sales rise despite higher gasoline prices, but can the sales surge continue? we'll trade it next. looking for a better place to put your cash? here's one you may not have thought of: fidelity. now you don't have to go to a bank to get the things you want from a bank. like no-fee atms -- all over the world. free checkwriting and mobile deposits. now, depositing a check is as easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account today
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ford has been a true american recovery story and the fact there's an overhang on gm, that unfunded liabilities, how do you buy gm when you can buy ford? >> i'd still be buying ford over gm. >> but that was back in july. you had good auto sales today. >> we'll stick with that.
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i love the management team. the execution team on ford. i think you have to give them a lot of credit. but you know, gm, that magic number for me is still that ipo price, which is up in the 30s. $33. i'd still be a buyer ford here. i like the lineup. >> pretty good auto sales in the face of gasoline. you have to wonderf i suppose i gas prices continue to go higher, what the ultimate impact is going to be. >> i think that these companies are doing the right things. you're just starting to, you have the replacement cycle, the production story starting to get better. i like gm better than ford because gm is your play on china and more of a global play. so i think though that i think the auto parts company have more leverage. >> dan? >> i think a huge thing is going to be a nat gas play. who comes out and has more exposu exposure. forget about the hybrid
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vehicles. i think ford's probably going to be at the forefront of that. having said that, i'd still rather buy a vwa or dun over the automakers. >> what about you, steve weis? >> the inventories on the trucks are building up. that's a highly profitable segment. i think you may have to be a little more caution. i've bought two cars in the last two month months. >> they're sending him cars now. they're going to send him a phone. today, a car. what next, steven? >> i was going to say -- >> better than having a white wagon like showing up on your door. >> i was going to say raise your hand if either of them was a ford or a gm. >> actually, no. >> i do have a gm suburban, i love it. family truck for that. we're going to move on to pops
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and drops. finisar popping 2%. >> this was a drop earlier, so it's a nice rebound. the interpretation was not good, but now, they're liking it. >> sotheby's. >> the ceo blamed europe. >> fusion-io. >> you were sold on his comments. >> low 20s. it's not been given any love. i'm not sure they're going to be stand alone and quite frankly, i don't care. credit suisse's note this morning didn't hurt. >> freeport -- >> this company spoke at a conference this week.
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talking about still tight demand for copper. >> the golden boy/heartthrob is no longer just a baby, baby, baby. today, his 18th birthday. i remember when pete had hair like that. >> i was 18. >> that's right. grasso, you're a fan, listen uptown from the exchange after work. >> can't be a hater of bieber. he's successful. i got four kids who love him. >> who said i was a hater? just said you liked him, that's all. next up, the -- may be the biggest apple bully of all time. plus, the european economy that may be good for your money. ♪ ♪ here we are, me and you ♪ on the road ♪ and we know that it goes on and on ♪ [ female announcer ] you're the boss of your life.
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let's check on the top trades we're watching through today's show. first is golden sax. higher by about 4%. raisinging estimates, they say they like golden sax. you do, too. >> i do. it's kind of interesting because their trading experience wasn't very good. lost money in a number of days
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during the year. they lose money any day, so they're clearly changing the model. with the markets going higher, capital markets will come up. >> maybe coming back. saying in the note today that commodity trading trading above the second half of 2011, but they say it's still below q1. maybe that's going to turn the corner. second trade, monster r worldwide. management purr seeing strategic alternatives. >> when the management says that, that's the keywords for everybody getting very excited about the stock and what the alternatives might be. but before the stock really started to move to the upside, march 8 call, 9,000 of those trading. most around the ten cent range, they've gone up to 30 today. >> big earnings missed this week. grasso. >> as long as austerity is in a
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sentence. they've got to stay away from any solar companies. ooefb the g >> stephanie, you don't like solar either. he talked about austerity. i don't know if he's leading to what's going on obviously in europe. two of the biggest markets. i think italy and germany, solar. >> and subsidies are coming down substantially. at the same time, you've got very high, the capacity is out there, a lot of it and basically, this company, it's the best at what they do. they do it the best with great cost structure, but there's no way they're going to be profitable with so much supply and prices coming down substantially. >> okay. russia may seem like an unstable place to invest unless you consider the rest of europe now struggling with the debt crisis, but investor confidence in russia has waned thanks to political uncertainty. steve liesman is in moscow ahead of this weekend's presidential elections where putin is expected to take back the presidency. steve? >> hey, scott, thanks very much
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and greetings from moscow or good evening i should say. the big question here is not if there's going to be change, but how much and how soon. there's a growing middle class in this country that spelled opportunities for investors here, but it may also spell trouble for russian president vladimir putin. protesters in the streets. a level of government corruption even the president has said is out of control. but still, despite troubles as deep and severe as its winters, russia's overall economic position is better than developed european nations teetering on the verge of recession. russia just completed two back-to-back years of growth above 4%. its 6% unemployment rate is among the lowest on the continent. is a fraction of the hyper inflation that plagued the country in the '90s. with economic results like that, putin is expected to win back the presidency in weekend's election.
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many russians still praise him for leading them out of chaos that followed the break up of the soviet union, but some russians are not so sure. they want him to loosen up on the reigns of power. while challenges are likely to lead to a russian spring, the long-term outlook is less certain. >> i have very real concerns about what happens. maybe not three years out, but five to ten years out or if the price of oil drops below 100 bucks a barrel. >> foreign currency keeps pouring into russia. it last reported a $24 billion trade service. a country that sports a third of all europe's billionaires has yet to find a way to offer basic services to millions of its people. many of whom live in poverty. guys, i've had a chance over the past several days to visit with some people who i knew when i lived here in the 1990s and they
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tell me the corruption story, which was big back then, is off the charts now. one guy i know was putting on a multi-million doll har trade show. he was threatened to be shut down by a fire inspector for a bribe. the amount, $300,000. we'll be back with "power lunch." we visited the super rich mansions. tomorrow, i visit a really cool company you guys have talked about before. russian google. >> steve liesman, a big satellite delay, so we'll leave it there, but look forward to the rest of your reporting for the rest of the week. steve, give me a trade on russia. >> that's been going on for 20, 30 years. in the early '90s and through stock holdings are going to e show up on the books of the company. one area i'm looking is vietnam.
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labor's cheaper than china. plenty of other places. >> next up, what happens to the gold trade if qe3 really is off the table? we're making a pit stop, next. carfirmation.
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america looking to add new fees, but will customers revolt and what will that mean for the stock? plus, rick santorum, his strategies for super tuesday and the economy. john harwood goes one-on-one and it is first on "power lunch" at the top of the hour. coming up next, now back to scott on the halftime report. >> thank you. and time to make a pit stop, gold bouncing back slightly from yesterday's monster sell off. what is the trade off on gold considering the fed may not deliver qe3? got it covered with dan. going to hand it off to stephanie who has a good question on oil. >> deutsche bank made a good call yesterday based on demand because of the higher oil prices. what's your thought about where you want to be positioned right now? >> well, in the oil space, if you're talking about stocks and first of all, glad to see you on the desk.
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that's a good get for the show. i think the place to play is in those stocks that might be able to give a little bit back to the supply losses that you're going to get not only from iran, but from sudan and syria and in fact in libya, where you're down from the 1.4 million they were delivering before the war, so the ones i like are the ones that are able to deliver some of that shortfall in the european theatre. like apache, these are the ones i'm look iing at. >> pete's got something on gold. >> talking about some of these integrated names, why is something like conoco philips performing? is there something we don't know about? >> what this is about is that they're divesting, they're going to divest, refining. so a lot of guys have been playing into that. so conoco has in fact, really been doing better in the sector.
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>> dan, your take on gold. >> i think this is a moment you can buy this stuff. most of the central banks like it when gold goes down 6%. that was really a lot of stocks from week long from 17.50. there's an opportunity here if you like the gold trade. i'm not one of those guys, but if you do, this is an opportunity to get it at a cheaper number. >> thanks so much. grasso, trade oil, gold, whatever you want in a commodities space. >> i'd be a buyer of silver, gold and the refiners. dan talked about oil before. hfc. wnr. names like that. i think buying gold, buying silver on dips, i think you're going to reap a lot of rewards in the oncoming months. next up, the was turned uber bullish on apple. [ nadine ] buzzzz, bzzzz, bzzzz, bzzzz,
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you know, typical alarm clock. i am so glad to get rid of it. just to be able to wake up in the morning on your own. that's a big accomplishment to me. i don't know how much money i need. but i know that whatever i have that's what i'm going to live within. ♪ ♪
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so apple has a large room for growth. you know, people talk about thousand dollar stock price, i absolutely -- you know, at first you want to doubt it, but i actually believe that. i don't really follow stock markets. apple has that much growth left because we're talking something like apple tv that works with all these other great, great companies and products all in the same sphere. >> yeah. he sure hopes that happens because he owns shares, i think, as he told us the last time he was on here. apple $1,000. wozniak speaking with brian sullivan. more of that later at 2:00 on
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"street signs." pete. >> three reasons why he's right, potentially. i don't know why $1,000 is in the cards, but three reasons why he would be right is katie lays them out for us, china distribution, ipad 3 and iphone 5. and the next ones to follow up on that and then you look across the chain. by the way, they have such a small piece right now as far as the mac's concern of the world market. that's something that can grow. >> smchs we don't like rim, we like apple. >> you and everybody else? >> yeah. but let's go to the derivative play. sky works, broadcom. >> exactly the way you play it, weiss. >> yeah. i mean, look. i am playing it that way. i continually short apple puts. i'm essentially long apple. if you don't focus on the $540 a share, don't focus on the $1,000, come to the conclusion that apple is still a compellingly cheap stock selling about 50% of growth rate. to me that's compelling value.
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>> you can catch more of brian sullivan's exclusive interview with apple co-founder steve wozniak. he'll weigh in on apple's market cap, future of the company, apple tv, so much more today on "street signs" 2:00 p.m. eastern time. don't miss that. let's talk some currencies now. the euro consolidating recent gains trading just above 133 versus the u.s. dollar. how should you play it from here? let's bring in head of rates strategy at bank of america. you're looking at the euro today but you're selling versus sterling, why? >> if you look at what's going on with the euro, it's not doing much of anything. it's start today stall a bit against the dollar. it hasn't broken any kind of support in a meaningful way, as you pointed out. but what i think is very interesting is the fact the dollar has began to suffer. if you look at cable as sterling dollar is known, we've had a breakout over the past two days through the 159, the 200-day
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moving average indicating up trend is continuing. while the trend is stable, you effectively have sterling starting to outperform. further more, i think euro stability is interesting that we've had price actioned in fixed income, specifically peripherals. look at italian yields, they've been falling. french debt has been rising pretty smartly as well. but when you put that together, you would expect the euro to be trading higher. the fact that it isn't advancing against the dollar when a lot of other currencies are despite the risk-off we saw yesterday, i think you want to look at that to be a bit of an underperformer. look at what's going on with euro sterling, that's a down trend. >> give me your levels. >> i would want to be short effectively around the 84 area. have my stops about 85 figure and looking for a move down to about 81.60 area. before all is said and done. it's as much a euro stalling trade as it is a currency
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outperformance trade especially sterling sterling rates trying to break higher and cable trying to break out as well. >> i hear you. mcneil, thanks. you can catch more currency strategies on "money in motion" tomorrow 5:30 as you can every friday 5:30 p.m. eastern time. coming up, final trades from the "halftime report" team.
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staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inflammation. plus, in clinical studies, celebrex is proven to improve daily physical function so moving is easier. and celebrex is not a narcotic. when it comes to relieving your arthritis pain, you and your doctor need to balance the benefits with the risks. all prescription nsaids, like celebrex, ibuprofen, naproxen, and meloxicam have the same cardiovascular warning. they all may increase the chance of heart attack or stroke, which can lead to death. this chance increases if you have heart disease or risk factors such as high blood pressure or when nsaids are taken for long periods. nsaids, including celebrex, increase the chance of serious skin or allergic reactions or stomach and intestine problems, such as bleeding and ulcers, which can occur without warning and may cause death. patients also taking aspirin and the elderly
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are at increased risk for stomach bleeding and ulcers. do not take celebrex if you've had an asthma attack, hives, or other allergies to aspirin, nsaids or sulfonamides. get help right away if you have swelling of the face or throat, or trouble breathing. tell your doctor your medical history and find an arthritis treatment for you. visit and ask your doctor about celebrex. for a body in motion. final trades, grasso from the floor, kick us off. >> two for thursday. fusion io. if you're nervous about buying it here, buy altria group to sleep at night as well. >> weiss. >> i believe rates will continue to back up. i'm long tbf. >> and pete. >> i like j.o.y. yesterday the stock was beaten down. plenty of up from here. >> stephanie. >>


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